HP Inc

HPQ: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$57.00	Zcqdb	Bqwdwslpx

HP Lacks a Moat, but Its Distributions Could Be Attractive Upon a Greater Pullback; $30 FVE

William Kerwin

Nov 7, 2022

We are modestly raising our fair value estimate for HP to $30 per share, from $29 previously, after revising our long-term forecasts. We maintain our no moat and negative moat trend ratings, along with our High Morningstar Uncertainty Rating and Standard Morningstar Capital Allocation Rating. With shares trading around $28, we recommend a greater margin of safety to investors, but we view HP’s shareholder returns as an attractive attribute at a better valuation.

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